Gold surges in broad commodity rally
Gold is up $13 to $1138.
Yesterday I highlighted a potential base in gold at $1118.
"The technicals provide a few reasons for mild optimism here and the overall change in market sentiment could be good for gold once the waves of US dollar buying slow," I wrote.
There had been a second test of support at that level and it looked to be holding. Since then, gold has rallied more than $20 in a series of higher highs including at $10 surge in the past hour.
From here, the key will be the close. Finishing above Wednesday's open of $1140 would highlight a three-candle reversal that would be further confirmed by a rise above $1147.
